Episode 51: Full Transcript

[00:00:00.08] ELAD TSUR: I think the second day, we really treat them as customers. You're going to see the insurance behaving like the other industry which you love. They're treating you as a customer that's trying to service you properly, trying to think about your best interest and not as some insuree that sign some legal document and now you have some bindable document between the two of you.
[00:00:23.89] We need to make the industry start thinking about the business owners for commercial insurance, for personalize the people themselves as customers.
[00:00:33.91] SPEAKER 2: This is the Insurance Technology Podcast where we bring interesting people from across the insurance ecosystem to discuss and debate technology's impact on the industry. Join us each episode for insights and best practices from Industry Stewards and Tomorrow's Innovators. Now, here's your host, Reid Holzworth.
[00:00:55.30] REID HOLZWORTH: Welcome to the Insurance Technology Podcast. I'm your host, Reid Holzworth. In this episode, we're back with the Elad Tsur. He's going to get into Planck and how he built his core platform and the five layers of AI that wrap around it and make what Planck is today.
[00:01:12.52] It's really cool to listen to how he's leveraging artificial intelligence for our industry specifically. Elad is awesome. Hopefully you listened to the last episode. This is a really good one as well. Stay tuned.
[00:01:28.77] So let's talk about Planck. Tell us about the business. So you left Salesforce-- this is the business that you started after you left Salesforce. So just tell us about that. How did you get into it? Why insurance? You didn't have any insurance experience prior I assume.
[00:01:44.34] ELAD TSUR: Nope. Personally, my father led-- still is leading life insurance brokers in Israel, the biggest brokerage in Israel for life insurance, for life and annuities.
[00:01:57.31] REID HOLZWORTH: So I grew up into insurance?
[00:01:58.86] ELAD TSUR: The distribution side of it. He always led life and annuity [INAUDIBLE] then move to CEO. The second biggest one is in Israel made the number one. And I grew up into the insurance industry but-- so I always knew.
[00:02:13.11] I'm going to bridge my passion, the AI world frankly changing domain to the not frantically changing domain, slow moving world of insurance, join hands with a few experts from insurance and brought a team from the previous startup experts on AI to bridge that gap between AI and insurance.
[00:02:42.78] And we've had a thesis, there will be a core platform of five layers of AI and on top of it, many different insurance use cases. Those five layers I mentioned them very, very briefly. You have the sources layer, the first layer which is the data layer.
[00:03:02.46] Crawling the web, getting raw data points, matching it with the business images, videos, audio files, maps, governmental databases, social reviews, website text, rating site, et cetera. All of that, one layer and you need lots of AI for that.
[00:03:17.19] Crawling is simple. Crawling the right stuff and matching it-- extracting and matching it with the business, understanding that the picture has the business in it, speaks about the business, shows the business. This is not trivial. Second layer out of the five layers is what we call the knowledge layer. There we're extracting information about the business from the raw data.
[00:03:42.34] So think about a selfie that someone took in a bar besides the beautiful person at the center of the image in the background, you have sprinklers in the ceiling, you have the material of the floor, the width of the aisles, how many bartenders, what type of atmosphere is there? The ratios between beer bottles and wine glasses to dishes and plates on the tables. The ages of--
[00:04:02.07] REID HOLZWORTH: That's wild. So you really literally looking at that. Like beer bottle versus wine glasses and yeah.
[00:04:08.46] ELAD TSUR: Everything that we are being requested to do or that we believe to be correlated with something that carriers are looking for. For example, when we opened the company, we weren't looking at listed exit signs in those images.
[00:04:20.43] Now we do because [INAUDIBLE] asked for it. Whether the exit sign above the emergency exit door is lifted or not. What's the intensity of the light in that place? So now we're looking at all of those and much, much more.
[00:04:33.54] That's the secondary. As carriers don't yet care about that intermediate step about that knowledge. They care about underwriting insights. That's the third layer of AI, which we call the wisdom layer. So we have the data, the knowledge, not the wisdom.
[00:04:50.85] It's the underwriting insights themselves. So we're using machine learning models to predict the underwriting insights based on all of those intermediate insights that we've created out of the raw data, and it's a gold-in gold-out concept. We're taking let's say that we have the percentage of liquor revenue out of the total turnover of a place as a training data set.
[00:05:15.72] REID HOLZWORTH: So that's-- so all that in the wisdom layer, if you will. That's where you're bringing in third party data sources like the carriers directly saying, hey, these types of customers, we have these types of losses, blah, blah, blah. Bringing all the claims data, things like that. So it learns basically whatever you want it to learn. Is that right?
[00:05:36.76] ELAD TSUR: Exactly. So on that layer, every layer of AI, you need the training data set. So either we get it from the carriers from our customers or we're building it ourselves. We can do both. And in this example I gave, we've built it ourselves. We were able to get an audited set of bars and restaurants in this example with their percentage of liquor turnover out of the total turnover. How much revenue they get from liquor from alcoholic beverages.
[00:06:02.13] And let's say that we have it for 2000 businesses, and then you can train an AI model to predict it for those 2000 businesses and then extrapolate it to any other probe you give it to any other business out there. And we have that for 100-- actually today, more than 1,000 and writing insights. So that's the wisdom there.
[00:06:22.92] The fourth layer is what we call the decisions layer. At that point, we're training our models to mimic the underwriter. Think about your AI underwriter, pair underwriting. Like encoding, you have pair programming, like two coders sitting and coding together. Pair AI underwriter, looking at stuff way before you because it's much faster and make a decision like you would make on 80% of the intake.
[00:06:53.49] On 80% of the cases because the anomalies are closer to art, and you do want those anomalies to be reviewed by very experienced underwriters. But we're capturing those decisions and being able to mimic them in 80% of the cases. If you're trying to build rules to make that decision, let's say I don't want full service restaurants, I do want catering services.
[00:07:19.19] And then you have a catering service which has a full service restaurant in it, but small one. Do you-- is it in or out? So you need to-- it can't be captured by a simple rule. You need to train an AI order to find your [INAUDIBLE] decisions on those cases and mimic that. So that's a decisions layer.
[00:07:40.46] The fifth there of AI is the actions layer. Started with data, into knowledge, into wisdom, into decisions, now actions. Example, you're missing an information, let's say lost funds or missing the revenues of the business in the input. Send them automatically. Send an email to the agent, to the broker, right?
[00:08:00.62] I'm missing the revenues of that business. Use ChatGPT for that, right? Using ChatGPT automatically to the agent, I'm missing the revenues, can you please provide it for that business? And use ChatGPT to parse what you just received from the agents and continue the process.
[00:08:19.16] So that's fifth layer of the actions there. Using to just save you mundane tasks that you would do yourself is the fifth layer of our platform. We're building that from scratch from the beginning that way with those five layers and started building the insurance offerings on top of that platform, such as stress reprocessing, such as lead generation, which you and I talked about last minute, right?
[00:08:46.28] Generating lists of lead to really comply with all of your eligibility criteria to be sent to the distribution before, right? You will promise 100% submission to quote in this case. So all of those solutions are being built on top of that five layers of AI platform that we've built.
[00:09:09.60] REID HOLZWORTH: Based on what you're telling me right now, if-- I'm looking through the carriers eyes, do the carriers then look at you as like you could be their solution for all things AI? Is that your goal with this? It's like AI as a service.
[00:09:23.31] ELAD TSUR: I don't like that approach. I think that many do look at us that way. Let me tell you I don't like it.
[00:09:29.82] REID HOLZWORTH: You're basically built this platform, you could plug in-- you being the carrier, you could plug in whatever you want in theory and you can start to build out--
[00:09:40.74] ELAD TSUR: That they could do, but let's say that now they want to
[00:09:42.87] REID HOLZWORTH: As long a your stuff works though, but your stuff has to work obviously, which I assume it does.
[00:09:47.24] ELAD TSUR: Our stuff works but not 100%. Anyone tells you that the machine learning model is 100% accurate or 100% coverage other they're dumb or they're thinking that you're dumb. It's not perfect. Any product classification model, it has problems but it does work and it looks amazing. I think we're the best, I don't know, but I do think that we are the best in that.
[00:10:11.10] I know that carriers do look at us-- some of them as anything that they can think of, but we're not doing anything with AI. Let's say that the carrier wants to predict the churn of the customer upon renewal.
[00:10:26.34] We're not predicting churn at the moment and if we would be asked to do that-- whether we can do that? Yes, given their internal data, we can. Whether we will do it? No, we're a product company and we haven't developed that capability or that feature. So we won't do it because just because someone asked.
[00:10:44.10] Within the realm of what we've developed, we're very configurable and we're doing that. So we're taking a platform for smaller carriers because configuring that, we're charging a lot for that. For small carriers, usually it's out of the box.
[00:11:01.35] They can configure it with our customer success team. It's relatively simple to configure, but you can get to very sophisticated use cases. With the big carriers, we are doing very sophisticated use cases. An example, right? We're monitoring the books for audit, your existing book before in [? yours. ?]
[00:11:20.63] Reserves, actuaries are looking at that to understand what the current capacity looks like because we continuously underwrite all of the businesses. We don't need to get forms. We underwrite it from the web. So they know the current capacity allocation.
[00:11:36.47] And then they can predict how the year would end. Let's say that they want only 25% of the workers' construction book doing roofing. Very dangerous roofing working at heights. Only 25% of the works of the book can do roofing and they're at 30%.
[00:11:53.27] So the overexpose on that one, they can predict that the year would be that way and they can plan the reserves accordingly. Everything I've just said is out of the box, but connect that with the lead generation. See dynamically that you've passed that 25% and stop generating leads of contractors doing roofing, then you have higher chances of ending the year where you wanted.
[00:12:17.98] So dynamically build your capacity allocation not retrospectively analyze it, and they can plan the reserves better and invest better in the market. So those configurations, those use cases, the advanced ones are supported by our platform, but we are doing that just for the big customers of ours and not to the smaller ones just because it's very, very costly.
[00:12:42.49] REID HOLZWORTH: I would assume that the goal long term would be so it is that configurable if you being a product company, as you said to where they could go and do whatever they want to do, right?
[00:12:54.20] ELAD TSUR: The goal-- have you seen Minority Report Steven Spielberg's Minority Report with Tom Cruise and like-- so the goal is you have control about everything. You're going to underwriter, you know risk, all decisions are made for you but if there is a case you want to dive into, you can zoom into one case and you have all of those tools to aid you in the decision.
[00:13:18.53] But one step before that, you have the machine making decisions for you in all of the areas where you let it make decisions for you based not on AT underwriting questions but on 1,000 underwriting factors where you just control the risk and everything's being set automatically for you.
[00:13:38.20] I think this is where the market should be given all of that breadth of information that's out there, given all of that AI capability. Probably 15, 20 years into the future, right? Insurance moves slow so I don't see it that way.
[00:13:55.19] REID HOLZWORTH: You think it's that far out though? Do you really?
[00:13:57.49] ELAD TSUR: Just because it moves very. Very slow. Just in order to convince the regulators that letting the machine pick the data points itself without, right? And governing all of that discrimination factors.
[00:14:16.58] It's going to take time to [? gather, ?] A, it's not discriminating anyone, and B that it's safe enough for financial stability wise, but I do see eventually, underwriters being Tom Cruise with all of that information around them to tweak the gauges, to select the risks and if there is-- for specific risk being received that's the platform pops as an anomaly, to dive in and get all of those co-pilots with them to help them make the decision themselves.
[00:14:53.26] REID HOLZWORTH: That's super exciting, man. So that's super cool. So how has it been? How has it-- from getting into this insurance world, you said insurance moves slow, I assume it's been-- although you're the creator of Einstein, right?
[00:15:10.33] And you have a great brand, but getting in the doors of those carriers could be challenging and convincing them that, hey, this is the future and blah, blah, blah. Maybe more so now with all this talk, so it's been really good for business but prior to now, that's that'd be hard, right?
[00:15:27.65] ELAD TSUR: It was. It is. It's becoming easier as time goes by. A, we have more customers and customers do speak with each other. Underwriters move from one company to another and they take us with them. We have 100% retention. All customers are with us. No one left. They're just expanding so that probably means that we're doing something good four years now, right? We're in the market from 2017.
[00:15:54.10] It's been hard. Let me tell you an example why. I think the insurance is very, very unique. It moves very slow and it has been developing over the years in a manner that makes it very hard to put innovation in it.
[00:16:08.98] REID HOLZWORTH: Yeah, technically speaking.
[00:16:11.26] ELAD TSUR: Technically speaking. So one thing we see, technology is not ready to adopt us. So we've-- I think that only 2020 was the year where we've added a dashboard to offering for all of those carriers that can't integrate the API. It's early adopters were able to integrate APIs nowadays, you don't have to.
[00:16:32.89] We're working with batches, working with the dashboard, right? Where a minute to configure and you're up and running. If you want to-- another example of how it changed, I remember about 2019, we were doing some bake off with a few other vendors number one, another test like leaving dust, no one is even near.
[00:16:53.23] Our ability and the business picks us-- the business says we have a business case, this is the ROI right? With Planck. This is the price. This is our ROI. We've tested their number one. That's why the one-- with the full explanation, given to procurement, please make the purchase.
[00:17:11.86] We weren't chosen. Why? Procurement spoke with the other vendors that participated and one of them offered a third of the price and they said, but you've lost the test, right? You weren't able to do A, B, and C while Planck made A, B, and C, and [INAUDIBLE] said, I'm willing to commit in the agreement that I will do.
[00:17:31.66] And the lack of understanding that it's not a website where you can ask the color of the button to be blue or red and yes, any window can code it to be blue or red. With AI, with that level of attack platform, [? vettors ?] can just say, guys, right. If you want that feature, we will develop it. You really need to know how to develop it and not by happenstance.
[00:17:58.93] Less than a year afterwards, the contract wasn't even signed because they didn't go to the user beyond the user acceptance test for that contract. Now the carrier came back to us, et cetera. So it takes a while to land for many reasons but once we land with a customer, we're expecting they're happy, we're happy. I love that industry despite its downfalls and pitfalls.
[00:18:29.95] I think that it's an amazing industry. I couldn't be happier choosing it. The decision of trying to [? bridge that, ?] [? upsourcing ?] it from my father's perspective. It's an amazing industry. You can't Uberize insurance because a lot of people go to work in insurance, right?
[00:18:49.50] You need mathematicians. You need statisticians. You need smart people to build all of that mathematics, all of those processes that make sure that carriers are here with us for hundreds of years and will be with us for thousands of more years to come. And this is why it's an industry, which I absolutely love.
[00:19:16.32] REID HOLZWORTH: That's awesome, man. Do you have any competitors in this space in insurance?
[00:19:23.30] ELAD TSUR: We do have competitors. Yes, we do have competitors. Don't say quite a lot. Quite a lot is subjective compared to what quite a lot. There are many vendors who offer different aspects of what our platform offers. If you look just at the data aspect and the commodity part of the data are not unique [INAUDIBLE] that we have some hundreds of unique things that we have.
[00:19:46.79] But commodity insight, let's say 50, 60. Commodity insights, many other vendors. Big names that the entire market knows to new startups that the [? throws ?] in the recent years. And if you look at the analytics part, finding rate loss ratios improvement, et cetera. One type of a competitor to our platform is the [INAUDIBLE] carriers themselves.
[00:20:18.77] The data science [INAUDIBLE] themselves, right? I think the biggest competitor is the status quo. For a risk averse industry, deciding not to take on board a new vendor, taking the risk to work with a startup, we are a startup, it is more risky to work with us than to work with Accenture and to work with McKinsey.
[00:20:41.03] Take that risk, avoid taking that risk, is-- I guess no one got fired for not choosing to work with a startup. I think that nowadays, where the impact of AI in so many different areas and we're covering it. You saw that so many different areas of the insurance continuum. I think that it will be-- people would lose their job for not adopting quick enough AI to be mainly competitive.
[00:21:10.69] Look at McKinsey and Accenture reports about the bell curve. We're still at the right size depending on where [INAUDIBLE] you look. At the beginning of the curve for adopting AI to support automation all the way to the Holy Grail of straight to processing for commercial insurance.
[00:21:30.31] People that are not looking at it right now between 2025 and 2030 will be the laggers and will just left with out of business. And that's McKinsey report. So I do think that eventually, we do your job if you're not looking at AI so it does get-- I think from our perspective at least, better in this regards.
[00:21:54.16] REID HOLZWORTH: What does the future look like for you? You're going to-- somebody acquires you? You just continue to grow the business? What does that look like?
[00:22:03.95] ELAD TSUR: I am not looking to be acquired. Planck is not for sale. We love what we do. We grow the business. I wasn't looking for it to be acquired when I built my previous startup, and suddenly it was a 1 plus 1 equals 11.
[00:22:19.45] I do think that there are situations where 1 plus 1 can equal 11, but we're not looking for that. Actively, we're not looking. We've been approached a few times, several times with offers, some of them very serious.
[00:22:32.47] My role is the CEO even if I don't want to sell, I have obligations to my board. I have obligations to my shoulders. If there is a serious offer, I need to look at it and bring it to the board for make a decision even if I'm voting no, we're putting it on the table.
[00:22:49.72] I am not looking to be acquired. We are building a huge business. Data is a huge business, insurance is a huge business and I'd be glad to keep on managing and growing the company and winning the market, the global market, right? This year we are entering Australia. We're live in Japan, live in Germany, live in the UK. We are piloting in France and Spain. So the US is a great market.
[00:23:18.52] Our AI works worldwide. We're not even thinking about selling it to someone. Taking it public, no. We don't need it right now. Why bring that complication? But I don't think that-- I'm not against it. At some point, taking the company public is probably the wise thing to do to allow your shareholders liquidity under investment.
[00:23:47.98] REID HOLZWORTH: That's a big win too, let's be real. For you to take the business from startup to public, that's pretty bad ass, man. Yeah, that's awesome. That's awesome. So question for you. What advice would you give a startup generally speaking?
[00:24:07.33] If a startup came to you and said, hey, I'm starting a business. It doesn't even matter. It doesn't even have to be in AI or this space, what is just some general feedback you'd give to them, advice?
[00:24:20.90] ELAD TSUR: They're founders right?
[00:24:23.05] REID HOLZWORTH: They're the founders.
[00:24:24.64] ELAD TSUR: So A, choosing the founders is the most important thing you can do in your startup. Picking your founders, assume that you're married to them. The startup is at least a decade of your life. You will devote your entire time to it.
[00:24:41.11] You're going to see them more than your family. You're going to be with them and it's a marriage that you can't-- if you're picking the right partners, it's a superpower that will dramatically help you. Pick your founders. Make sure you know who you're starting the company with and make sure they are complementary in abilities to your abilities. Suggestion number one.
[00:25:07.09] Number two, pick a huge industry. Don't go in a small industry. Being in a small industry, if you don't succeed, very bad. In a big industry, you can always pivot it, shift it. It's a big industry and you'll find your place within that industry.
[00:25:34.18] Third, I think unless you're very unique, raise funds. Unless you're very unique and can grow the business-- the bootstrap the business, raise funds. You will need money. Don't put your time and your money, let's say, that way to do that. Don't take both of those risks. Raise money.
[00:25:57.07] You'll get great partners. Pick the right investors. The next advice, pick the right investors. You get great partners together with you that will help you to manage the finance, find and recruit your executives and find the next investors for your next round if needed.
[00:26:18.85] Besides picking the right investors, the last thing is build your management. They are your right hand folks. The right managers-- you know as the manager that an executive recruited is a great one if in the first months of work. You really can think of how you operated without that executive.
[00:26:41.14] You get the impact immediately. Everyone's immediately noticing them. They're impacting immediately and how could I do what I'm doing without them? You could have done, right? Obviously but you can't even think about a period without them. Make sure that you hire fast, fire fast and get the right executives.
[00:27:06.34] REID HOLZWORTH: That's great advice, man. So here's one for you. Now that we've given the advice to the startups on what to do and I look I love what you said there on all those topics, especially pick a large industry because you can pivot. That's smart. You're so right. So if you were to fix one problem in the insurance industry, what would that be?
[00:27:29.28] ELAD TSUR: So I won't go into the AI data aspect because that's the obvious area for me. I would pick something that really bothers me in the industry. The fact that the industry treats its customers as intrudes and not as customers.
[00:27:50.45] The fact that they're putting them in shorts. The fact that they're not treating the customers as customers. Don't even call them as customers. What is customer success [INAUDIBLE] servicing. Think about servicing, right?
[00:28:05.09] Look at one of our abilities. We're monitoring a business and we found that they've added some risk to the work. Let's say a restaurant doubled its tables within the same area. It's very dangerous. People can get injured. You want to call them and tell them guys, everything you do is great, just space up a bit the distance between the tables.
[00:28:29.88] Which department does that, right? Who gets that alert that we're raising? No one because you have on-boarding and you have renewals. Nothing in between. No service in between because the industry doesn't think about-- I'm being a bit-- I'm speaking in general manner, right? There are carriers that do think that way.
[00:28:49.54] But most of the carriers don't treat their customers as customers and that's I think very problematic. The second, they will really treat them as customers. You're going to see the insurance behaving like the other industry which you love.
[00:29:05.37] They're treating you as a customer that's trying to service you properly, trying to think about your best interest and not as some injury that sign some legal document and now you have some bindable document between the two of you. We need to make the industry start thinking about the business owners for commercial insurance, they personalize the people themselves as customers.
[00:29:30.13] REID HOLZWORTH: I really like that. That's really, really good. It's so true. Even I do it. It's like, Oh, it's insured. You don't-- yeah. Even in the agency. You do their customers but-- [INAUDIBLE].
[00:29:44.57] ELAD TSUR: Agents are-- their work is to-- most of it is to service. Even just looking at the intake part, they're doing the intake for their customers. For the insurance. But I agree with you that even with that, it's not as it is in other industries which is something I would love the industry to change.
[00:30:08.61] REID HOLZWORTH: Yeah, that's really cool. I really like that. So next question. Who else could I bring on this show? Who would you recommend that I bring on this show in the insurance space or maybe even not that would make sense for our listeners?
[00:30:24.97] ELAD TSUR: Well, maybe not. I don't know. Sam Altman from OpenAI or Elon Musk. But from the industry itself, [INAUDIBLE] to go big. For the industry stuff, I would go to David [? McFarland ?] from [? Katari. ?]
[00:30:44.33] REID HOLZWORTH: Oh yeah.
[00:30:45.14] ELAD TSUR: I spoke with him. I interviewed him. Actually, my David-- I have David Shapiro, my co-founder I interviewed [? Katari ?] David at ITC. He has an amazing story. He grew up in the industry and built an amazing operation all digitized, automatic. I would go and speak with David from [? Katari. ?]
[00:31:12.41] REID HOLZWORTH: That's awesome.
[00:31:13.72] ELAD TSUR: Yeah.
[00:31:14.66] REID HOLZWORTH: I look forward to meeting him at Intertek Boston for the first time. That's awesome. Who else? Is that it?
[00:31:22.86] ELAD TSUR: There are many, many people that are leading the innovation in the industry. You being one of them. Just the fact that you have this amazing podcast is some characteristics that shows that you're one of them. I would pick one from the carousel, let's say David that I have recommended. Pick one from the innovation. So I gave two big names. Try to get them, the world innovation.
[00:31:54.05] Maybe from another startup. So there is a great company called Spott, S-P-O-T-T in Israel. They're doing the digital insurance of e-commerce. And I think that one of-- another things that carriers are moving slow with is adapting to the change in the world.
[00:32:18.74] And brick and mortar, it's like the old world. The new world is either both brick and mortar and e-commerce or so e-commerce, and have many businesses that their sole presence is selling through Amazon, selling through the other commerce platforms and they have huge insurance needs.
[00:32:38.75] And there is a way to insure them on those new needs. Spott's doing that. And I would speak with Spott's founders and ask them about the e-commerce insurance.
[00:32:53.18] REID HOLZWORTH: That's interesting. I like that. I really like that. All right. Last question then I'll leave you alone.
[00:32:59.58] ELAD TSUR: Go ahead.
[00:33:00.05] REID HOLZWORTH: What's your favorite drink? If you drink.
[00:33:04.60] ELAD TSUR: I do. Not much but I do and my favorite drink is so not special, it's like beer. I just like burger and beer and beer, beer, beer. I do drink whiskey and gin sometimes and vodka sometimes. And we were drinking arak, which is like made out of licorice.
[00:33:33.67] It's the name of the flower in Arabic and Hebrew. But beer is always the best. Like cold beer, strong one, not pale ale. With beer or some very, very strong beer.
[00:33:51.95] REID HOLZWORTH: OK.
[00:33:53.02] ELAD TSUR: It's my favorite. I drink old beers but that's like-- always bring me a beer and I'll be happy.
[00:34:00.28] REID HOLZWORTH: That's awesome, man. Well, hey, next time I see you when I see you at one of these events coming soon, I'm sure there's a ton of them, we'll have to have a beer together. And so for the listeners you see a lot out there, buy them a beer. Have a conversation. Talk AI.
[00:34:18.82] ELAD TSUR: Exactly.
[00:34:19.12] REID HOLZWORTH: It's pretty awesome, man. Well, thank you for joining the show. It's super good. I loved going deep with you on all this stuff is an education for me in a lot of ways and so an education for the listeners as well. So thanks again for doing this. Super cool and congrats on all the success.
[00:34:35.20] ELAD TSUR: Thank you.
[00:34:35.49] REID HOLZWORTH: Yeah, you got it, man.
[00:34:37.33] ELAD TSUR: We work in an amazing industry. Thank you for having me here in the podcast.
[00:34:42.83] REID HOLZWORTH: Oh, man, really appreciate it. Wow, Elad Tsur. What do you think, [? Kristin? ?] It's awesome.
[00:34:50.51] SPEAKER 3: Yeah, I think listening to how he started just makes me realize how intelligent he is to say that you're going to college at 14 and then you're part of artificial intelligence and machine learning a decade or so before any of us even really knew what it meant.
[00:35:13.25] REID HOLZWORTH: Right? It's so wild. This guy is like Doogie Howser to begin with, right? That's definitely dating me. Who knows Doogie Howser. They probably won't allow that show anymore. Anyways--
[00:35:26.18] SPEAKER 3: I think that Gen Z has just left the podcast.
[00:35:30.20] REID HOLZWORTH: Right? But, no. This guy-- it's amazing to hear the stories on this podcast of these people's lives. We get to the end of it and you meet people and you're like hey, this dude did this thing. They accomplished this stuff. They're here in this place now. But to listen to this, it's like am I able? Could I become like Elad Tsur? I didn't start college when I was 14 years old, you know? You're right.
[00:36:01.71] These guys are so smart and just the hustle throughout just shows but to be involved in artificial intelligence for the Israeli army, right? To be the dude who sold his business and that to Salesforce then brought in his like best friend who had imagined out an AI company, right? And then they went on to start what is Einstein.
[00:36:27.09] I remember when Einstein came out at Salesforce, being involved in the Salesforce ecosystem so deeply, I was like, this is what? I don't even understand this. And no and now-- that was years ago. Now it's so hot. But this guy's been doing it forever, right?
[00:36:43.95] SPEAKER 3: Yeah, but I think what you were saying though about Einstein and a lot of people feel like it's this black box and I think he is talking about that's one of the reasons it's going to take so long for insurance is when he talks about the regulators.
[00:36:59.46] It's hard to trust something that you don't fully understand, so I think that's going to be one of the biggest hurdles of getting some of this artificial intelligence backed. Insurance tools, insurance solutions to really take off.
[00:37:17.28] REID HOLZWORTH: Totally. You know what's interesting about this conversation too to me? Was the whole conversation around the biometrics data and how there's no regulation around it and how the bigs came together and like, yeah, we should probably do something about this between ourselves. It's pretty wild and now that AI is super hot right now and everybody's talking about it, there's a lot of conversation around that, right?
[00:37:44.41] SPEAKER 3: Yeah.
[00:37:47.03] REID HOLZWORTH: This one really opened up my mind to I and what can be done and you know and like we were talking about in our industry, especially. It's pretty fricking cool.
[00:37:58.98] SPEAKER 3: Yeah. When I was doing is the hot seat with him, you expect when you say to somebody if money was no object, what are you going to be doing? And that they're going to be I don't having a little beach shack or something and he says doing what I'm doing today.
[00:38:16.76] So he has that kind of passion and it wasn't just AI, it was like AI for insurance. Like that, niche is what he loves and I love that he has the passion because I think what he's going to bring to the industry is going to be game changing.
[00:38:35.42] REID HOLZWORTH: Yeah. Now, I don't know a lot very well. I met him a couple of times. But I will tell you from just talking to him the few times that I've met him, he seems like a good dude.
[00:38:45.89] SPEAKER 3: Yeah.
[00:38:48.65] REID HOLZWORTH: Like a really good guy. The trend continues.
[00:38:54.20] SPEAKER 3: Absolutely.
[00:38:55.79] REID HOLZWORTH: Humble, this guy with major drive. Major, major drive. Super wicked smart. It's pretty cool. He's going to crush it. Right now, right time, right place. That's for sure. Good for you, buddy.
[00:39:11.51] SPEAKER 3: You just got to get him to send us those t-shirts that play on the Pink Floyd graphic.
[00:39:19.22] REID HOLZWORTH: I know, totally. Yeah, I love Pink Floyd too. It was so cool.
[00:39:24.98] SPEAKER 3: A lot of you listening, we're going to request two of those blank shirts.
[00:39:29.78] REID HOLZWORTH: 100%. Yes, send them our way please.
[00:39:34.97] SPEAKER 3: All right. I'm sure it's not the last guess that we will have that we'll talk about I but like you said, I think the timing is perfect because it seems to be such a hot thing that people really are trying to dive in and understand and I'm glad that he gave us that education.
[00:39:50.51] REID HOLZWORTH: Absolutely. What an awesome dude. What a great time to have this conversation. It was a great education for me and for a lot of listeners it was really good and you'd expect to see a lot from these guys out there. They're doing it. They're making it happen. And it's the real deal.
[00:40:09.50] SPEAKER 3: Agreed.
[00:40:11.00] REID HOLZWORTH: All right.
[00:40:11.69] SPEAKER 3: On to the next one.
[00:40:13.36] REID HOLZWORTH: On the next one.